The Telangana Real Estate Regulatory Authority [TSRERA] clearly indicated that the realtors in the state will have to pay the penalty of upto Rs. 1 lakh for not registering their current projects with the authority.
This penalty will be applicable for registering their ongoing/current projects for which they have sought permission by the authorities including (civic/ municipality/local urban body) between January 1, 2017 and August 31, 2018but did not get these projects registered by the authority by December 15, 2018.
The TSRERA have laid down the period of three months for the registration of such projects and this tenure expired on November 30, 2018. The authority took the decision to penalize such realtors in a recently held meeting and in the same meeting the authority decided to allow realtors to get their ongoing projects registered online on or before December 31, 2018. But this registration will be considered only when the realtor makes payment of the Rs 1 lakh penalty.
In the detailed discussion that took place in the meeting of Telangana Real Estate Regulatory Authority all the facts have been considered and finally a decision was taken that all the applications received post 15th December, 2018, for registration of projects will be under the violated provision of Section 3 (1) of Real Estate (Regulation and Development) Act 2016.
Rajeshwar Tiwari, TSRERA chairman issued an order and said that all these applications will be eligible for rejection under Section 5 (1)(b) of the Act.
He further said that the authority will give the realtors one chance before rejecting their application for project registration.